Finance Minister Muhammad Al-Jadaan said the world is going through difficult times and needs stability and funding, especially due to the high interest rate and high inflation.
During his speech on the second day of the Investment Initiative Conference, which is currently taking place in Riyadh, Al-Jadaan stressed the need for cooperation and interdependence with the countries of the world to address the problems.
He added that some countries suffer from high debts, noting that the Kingdom is working with international organizations and the Group of Twenty to help and mobilize multilateral development institutions to secure support for countries in the region.
nice outlook
He stressed that the Kingdom is working with the Indonesian presidency of the Group of Twenty to provide support to the world and low-income businesses regarding food, adding that the Kingdom is ready for economic growth and has reduced financial risks in cooperation. with the G20 countries.
The finance minister predicts that the world will face difficult circumstances in the coming months, in light of the conflict and war in Europe, and that the next six years will be very positive for the Arab Gulf states, while the same period will be difficult for others. countries in the region, so the Kingdom will try to help them.
He stressed the world’s need for cooperation and synergy to achieve stability, invest in energy security and not neglect climate change, which must be addressed with concerted global efforts, underlining that the Kingdom is making many efforts to tackle climate change and investing in renewable energies and conventional energies.
Inflation and supply chain challenges
For his part, the Minister of Finance and National Economy of Bahrain, Sheikh Salman Al Khalifa, said that the world is facing difficult circumstances due to the ongoing conflict in Europe, stressing the importance of attention and concentration. on the supply chain.
And he indicated that there is a risk of slowing economic activities in much of the world with high inflation, which exacerbates the problems in countries suffering from lack of money due to the Corona pandemic.
He stressed that inflation is one of the most important challenges and has caused a shortage of supply chains in the world, pointing out that the economies of the Gulf countries are positive compared to the countries of the world, thanks to their clear plans and strategies.
He stressed that his country is working to transform from a consumer economy to a productive one, adding that the Kingdom and Bahrain are characterized by non-oil growth, stressing the need to finance the oil and gas sector to reduce emissions. carbon.
Cheaper production of solar energy
ACWA Power’s chairman of the board, Mohamed Abunayyan, said the technology is developing dramatically, adding that energy transformation has made great progress and that his company has been able to be the cheapest manufacturer in the world. world of solar energy, and the company has done the same for wind power and hydrogen.
He pointed out that Dubai will have the largest renewable energy plant and will operate seven days a week, and will be cheaper than gas before prices rise, adding that renewable energy can be stored, which sets it apart from conventional energy.
He added that 50% of the energy in the countries of the world has become renewable energy, stressing that the Kingdom has put in place everything necessary to achieve this goal, stressing the need to pay attention to water energy and water desalination. in light of the ongoing climate change.
He pointed out that the company was the first company in the world to build the largest desalination plant operating on 40% renewable energy, adding that the company has a clear energy strategy in the Kingdom and that the switch to renewable energy will provide the best high-quality jobs for young people in the Kingdom.
He stressed that the partnership between the public and private sectors will help fund this transformation, adding that the public sector is good as a regulator rather than an operator.
He noted that Europe is not cohesive in the energy sector due to the fact that each country has its own agenda, predicting that the Kingdom will be the largest producer of renewable energy for all countries in the world.
For his part, the head of the Olayan Finance Company, Dr Nabil bin Muhammad Al-Amoudi, said that there is fragility in energy systems, pointing out that the Kingdom has been resisting oil markets for over 32 years.
The launch of the largest sustainability fund in the world
Aramco CEO Amin Al-Nasser said the company will launch the largest sustainability fund and this funding will be the largest sustainability loan in the world, worth $ 1.5 billion, and the Fund resources will be directed to financing startups by working on sustainability and tackling climate change, adding that the fund has started working from today (Tuesday).
He pointed out that the company is looking at its investments to reduce carbon emissions by 15% by 2025 compared to 2018 and is also working on a circular carbon economy to reduce carbon emissions, renewable energy and many technologies. which will help reduce carbon emissions.
He added that there is a lot of uncertainty in the oil market, predicting that Russian crude will move from Europe to Asia, which will affect the logistics of the market for some time, pointing out that hydrogen projects will have high production costs.
Video | Finance Minister Mohammed Al-Jadaan: Over the next 6 years, the Gulf region will be more stable#Future_investment_initiative# Impact on humanity#news pic.twitter.com/XtZVju1FmP
– News channel (@alekhbariyatv) October 26, 2022
Video | ACWA Power President Mohamed Abunayan: ACWA Power seeks to find the cheapest solar energy product in the world #Future_investment_initiative# Impact on humanity#news pic.twitter.com/Cvz3wNFeg3
– News channel (@alekhbariyatv) October 26, 2022
Video | Aramco president announces the launch of the largest sustainability fund in the world, worth $ 1.5 billion #Future_investment_initiative# Impact on humanity#news pic.twitter.com/OFi8MP4nas
– News channel (@alekhbariyatv) October 26, 2022
